General Journal/User-Defined Journal References

Income Summary GL Year End Closing Expense/Revenue Transaction

Occurs when the year end procedure has been performed to net out the previous year's revenues and expenses with the difference applied to the user-defined retained earnings account. Each revenue and expense account will display this transaction type as found in the Year End Closing Journal Entries form.

Year Closing GL Year End Closing Income Summary Transaction

Occurs when the year end procedure has been performed which creates the prior year's retained earnings as found in the Year End Closing Journal Entries form.